Business and Economy

Nigeria tops the list of recipients of remittance inflows in Africa

According to statistics from the world bank, Nigeria tops the list of African countries with highest receipt of remittance inflows from the diaspora.

More than 170 million people of African descent live throughout the world and represent a sizable resource pool for the development of the continent’s infrastructure, including housing, through their various remittance inflows into the continent. These inflows goes a long way to meet the scarce foreign exchange so much desired in their home countries.

The list of the top ten recipients of remittance inflows in Africa are: Nigeria ($19.2 billion), Ghana ($4.5 billion), Kenya ($3.7 billion), Senegal ($2.7 billion), Zimbabwe ($2.0 billion), Democratic Republic of Congo ($1.3 billion), Uganda ($1.1 billion), Mali ($1.1 billion), South Africa ($900 million), and Togo ($700 million) are the top ten recipients of remittance inflows in Africa in 2021.

According to World Bank figures, South Sudan, Lesotho, and Gambia are Africa’s top remittance beneficiaries as a percentage of their GDPs, with 35%, 21%, and 15% of GDP coming from remittances, respectively.

“The number of Africans living abroad is increasing, as are their savings and the amount of money they have available to reinvest in their home nations. According to estimates from the World Bank, Africans living abroad save over $53 billion annually. According to Hann, reported remittances to and from Africa were over $95.6 billion in 2021.

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